§ I still have nearly £3,000,000 to find and a small contribution drawn from practically every home in the land will produce what is needed. I propose to raise the duty on all tea, Empire and foreign, by 2d. per pound. This will maintain intact the existing margin of preference of 2d. per pound and it is estimated that the extra yield this year will be £2,750,000, and in a full year £3,250,000. I well understand that even an extra halfpenny per week is a material and appreciable addition to the expenses of those with the smallest incomes. [HON. MEMBERS: "Why do you do it? "] Why do I do it? I believe that there is a willingness and even a pride in the humblest homes to take a share in this rearmament outlay, for defending those homes from peril, just as much as in the homes of more comfortable and wealthy people.
§ I am now able to set out my final figures. I put the revenue on the existing basis of taxation at £914,400,000. The additional taxation which I propose, I estimate at £30,350,000. The total estimated revenue is, therefore, £944,750,000 which will cover my estimated expenditure of £944,398,000 and leave me a small surplus of £352,000.
§ I thank the Committee for its patience, and I would like to say this in conclusion. It is the ambition of every Chancellor of the Exchequer to be able to announce remissions of taxation and a lightening of the burdens which fall on the shoulders of the people. Such is not my happy lot to-day. The unprecedented total which I have to provide, is needed for three main purposes—first, for the financing of our multifarious social services which spread so much benefit and help where it is needed; secondly, for the 67 preservation of our financial strength which is absolutely vital to our Defence if trouble comes; and, thirdly, for the protection of our native land. We all realise —there is no difference on this matter between one part of the Committee and another—that the mere piling up of ever-greater armaments, by itself and in itself, is not a certain means of securing safety or ensuring peace. But this necessary outlay on rearmament is being accompanied by an active policy for promoting reconciliation and good will with other nations—a policy which is already beginning to show results. In pursuit of this double objective, the load which we have to bear will, assuredly, be carried with the dogged determination and dauntless courage of the British race.
§ CUSTOMS AND EXCISE.